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Crude Oil Pulls Back Off Best Levels But Still Closes Notably Higher

Extending the upward move seen in the previous session, the price of crude oil moved notably higher during trading on Wednesday.

After climbing $0.69 to $53.10 a barrel on Tuesday, crude for March delivery advanced $0.80 to $53.90 a barrel.

The continued increase by the price of crude oil reflected optimism about U.S.-China trade talks as well as the cut in production revealed by Saudi Arabia.

However, oil prices pulled back well off their highs of the session after a report from the Energy Information Administration showed a much bigger than expected increase in crude oil inventories.

The report said crude oil inventories jumped by 3.6 million barrels in the week ended February 8th compared to estimates for an increase of 2.7 million barrels.

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